Sir Win Bischoff is charged with repairing the reporting system from within

When Vince Cable, no great lover of the City establishment, came to appoint a
new chairman for the Financial Reporting Council this year, he must have
been tempted to make a radical choice.

After all, the little-known regulator was directly or indirectly responsible
for tackling many of the biggest failings that emerged from the banking
crisis — dangerous accounting rules, supine auditors, unchallenging
boardroom directors, disastrously structured bonus arrangements and poor
stewardship by shareholders. It surely needed an outsider with the stomach
for an almighty fight.

Instead, Dr Cable went to the other extreme, picking a man at the very apex